by Garth Meyer
In an effort to counter private equity firms buying single-family housing and raising rents, the Redondo Beach city council gave its support Tuesday night to the formation of a Housing Trust, through the South Bay Cities Council of Governments.
City Councilmember Paige Kaluderovic made the motion, saying it is important to be involved early in the process to help shape the program. The city has not yet confirmed it will participate.
Jacki Bacharach, executive director of South Bay Cities Council of Governments (SBCCOG) spoke to the Redondo council Feb. 3. She is visiting South Bay cities to ask them to join the program.
The Trust would buy houses/apartment buildings at market prices then subsidize lower rents.
“This is reality, not just potential,” Bacharach said.
She reported that two cities had already signed on, or were in the process; Inglewood and Lawndale. The official name would be “South Bay Regional Housing Trust” (SBRHT). The deadline to join is at the end of March.
To start the program, SBCCOG got a $570,000 grant in 2024 from the Southern California Association of Governments, part of a state coordination effort to accelerate progress on housing and climate goals.
With this money, the SBCCOG did a feasibility study about creating an independent joint powers authority to aid affordable housing projects in member cities.
The Trust would be funded by $7.3 million each year from the L.A. County Affordable Housing Solutions Agency. Potential matching funds could push it to $14 million per year.
The Redondo Beach city council is expected to take formal action in the next six weeks on whether to join the Trust. The city would not be required to pay anything to join, though administrative fees may be required in the future.
The South Bay Cities Council of Governments encompasses 16 cities and Los Angeles County. Formed in 1995, it focuses on issues such as land use, transportation and homelessness. ER
This would be good, along with a state requirement that all housing be available to buy only by owner-occupants.
When my grandchildren were house hunting, every time they found the perfect house that was affordable, the same real estate shark came up ahead of them and out-bid them, all cash, above asking price.
This is the real problem here in the South Bay.
Grandma you must love President Xi. So I can only own one house? You must be fun at the weekly senior citizens free lunch program in the park.
“To start the program, SBCCOG got a $570,000 grant in 2024 from the Southern California Association of Governments, part of a state coordination effort to accelerate progress on housing and climate goals. With this money, the SBCCOG did a feasibility study about creating an independent joint powers authority to aid affordable housing projects in member cities.”
Great expenditure of $500K plus there. For nothing. Serious waste of money and taxpayer resources and of course the the RB City Council likes it now that they have moved on from trying to put small businesses out of business because they sell tobacco products.